Wednesday, 22 June 2016

Nifty & Bank Nifty Spot Outlook for 23rd June

NIFTY

Nifty spot opened at 8213.65, made a high of 8238.35 ,went down till 8153.25 before closing at 8203.70 . Had mentioned that long positions can be taken above 8242 and short positions can be taken below 8198 for the day . Nifty triggered our short trade and completed just 2 targets giving around 40 points . Since our longs were getting triggered only above 8242 there was a opportunity to short at the high with a small SL . Had mentioned yesterday 'If we do not see Nifty break above our next resistance zone of 8287 - 8302 tomorrow too, then there is a possibility that we might see a test of our suppot zone of 8135 - 8113' . Today we saw Nifty come close to testing it and we can expect the same tomorrow . Today we have closed just marginally below 8205 where our weekly longs get triggered .

Trend reversal in Nifty for this series would be consecutive closing below 7982 and trend continuation would be on consecutive close above 8338 spot .

For today if Nifty spot sustains above 8224 we can see a initial move upto 8236 - 8245 & on sustaining above 8250 we may see further upmove till 8289. Similarly if Nifty spot sustains below 8184 we may see a initial move on the downside upto 8171 - 8162 & on sustaining below 8157 we may see a further downmove till 8119.

Nifty Spot Levels for the day are

Long above 8224 for 8236 - 8250 - 8289 , SL 8210

Short below 8184 for 8171 - 8157 - 8119 , SL 8197

BANK NIFTY

Bank Nifty spot opened at 17610.10 , made a high of 17755.25 then went down till 17518.15 before closing at 17626.05 . We had mentioned long positions can be taken above 17674 and short positions can be taken below 17564 for the day. Bank Nifty initially triggered our long trade and completed 2 targets giving around 75 points . Then Bank Nifty triggered our short call and completed 1 target giving around 35 points . Bank Nifty took support near the lower end of our support zone of 17553 - 17517 today and reversed . Have also mentioned previously that below this zone Bank Nifty has support at 17419 and sustaining below it we may test our next support zone of 17340 - 17290 .

Trend reversal in Bank Nifty for this series would be consecutive closing below 17152 and trend continuation would be on consecutive close above 18089 spot .

For today if Bank Nifty spot sustains above 17681 we can see a initial move upto 17715 - 17739 & on sustaining above 17754 we may see further upmove till 17859. Similarly if Bank Nifty spot sustains below 17571 we may see a initial move on the downside upto 17537 - 17513 & on sustaining below 17498 we may see further downmove till 17393.

Bank Nifty Spot Levels for the day are

Long above 17681 for 17715 – 17754 – 17859 , SL 17609

Short below 17571 for 17537 – 17498 – 17393 , SL 17643

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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss